Finance
Press Release
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Finance
Press Release
FORVIA and Cummins successfully complete deal transferring parts of FORVIA’s commercial vehicle business in Europe and North America to Cummins
FORVIA confirms the successful completion of the transaction first announced on 23 May 2023 transferring designated parts of FORVIA’s commercial vehicle exhaust aftertreatment business in Europe and in the United States, for a total transaction value of EUR 199.2 million, to its longstanding partner Cummins.
As part of this transaction, Cummins acquired two plants located in Roermond (Netherlands) and Columbus South (Indiana, USA) as well as their related programs. By integrating this business into its operations, Cummins expands its capabilities in providing innovative solutions for the commercial vehicle industry.
The decision to transfer this business to Cummins is part of FORVIA’s strategy to focus on ultra-low emission solutions for light vehicles, where it is a leader in the market, and its hydrogen roadmap to bring a comprehensive portfolio of hydrogen storage solutions to market.
The closing of this transaction is the final step in the execution of the €1 billion asset disposal program that FORVIA announced in Q2 2022, which goal was to accelerate the deleveraging of the Group after the acquisition of a majority stake in HELLA.
